May 9, 2021
  • 5:53 am The effect of vertical migration strategy on retention and dispersion in the Irish Sea during spring–summer
  • 5:50 am The basal roughness of Pine Island Glacier, West Antarctica
  • 5:48 am Tracking fitness in marine vertebrates: current knowledge and opportunities for future research
  • 5:47 am Coastal barium cycling at the West Antarctic Peninsula
  • 5:59 am Tour bus headed to Masters overturns, driver charged with DUI: Officials

first_imgBritish biscuits and loose leaf tea have helped drive the sixth successive year of double-digit sales growth at Fortnum & Mason.The upmarket department store reported that its profits had risen 26% to £9.6m and overall sales were up 12% to £126m in its financial results for the year ending July 2018.Fortnum & Mason said its UK domestic consumer base had continued to strengthen with sales of both loose leaf tea and British biscuits up 21% each.It also noted that its success “demonstrates the company’s ongoing commitment to be more relevant, to more people, more often”.Online sales rose by 21%, and the business benefited from growth overseas, particularly in Hong Kong where sales went up 55%. Products were delivered to a record 125 countries worldwide, and sales at its travel sites at St Pancras and Heathrow Terminal 5 increased by 12%.Turnover at the company’s restaurant at 45 Jermyn St was up 18% on the previous year, while like-for-like sales at the flagship store in London’s Piccadilly rose 10%.“This year has not been without its challenges, but we’re proud to report another exceptional trading period,” said Ewan Venters, CEO of Fortnum & Mason.“By being faithful to our heritage and pedigree, focusing on the creation of extraordinary products and exceptional service, and delivering our world-renowned products to customers anywhere in the world, I am pleased that we are able to meet the growing demand for quality and impeccably-sourced products.”Last month, the business launched two new ranges of Fortnums Fancies, one of which was infused with its best-selling teas.last_img read more

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first_imgVon Doorn said Indonesia should reform subsidies, especially abolishing diesel fuel and fertilizer subsidies.Read also: KPK highlights inefficiency, mismanagement in preemployment card programHe went on to say that by abolishing diesel fuel subsidies, the government could channel the spending into helping the lower-income half of the population, as he pointed out that the subsidy was mostly enjoyed by the wealthier sections of the population.He also suggested the government replace the fertilizer subsidies program by providing farmers with new research and technology or new seed types to help them be more productive in the long run.Meanwhile, van Doorn also said that the government should utilize data and technology in other subsidies, such as those for electricity and liquefied petroleum gas (LPG), to prevent leaks and improve disbursements.“Reform of subsidies will have many benefits besides fiscal ones, including reducing poverty, improving productivity and reducing the environmental impact of the subsidies,” he said.The country recorded a total of Rp 1.96 quadrillion (US$137.94 billion) of state revenue realization last year, equal to only 90.4 percent of the 2019 state budget as a result of lower tax revenues, and last year’s state budget deficit widened to 2.2 percent of gross domestic product (GDP), higher than the 1.8 percent target.As the COVID-19 outbreak continues to ravage the economy, von Doorn predicted that Indonesia’s fiscal space would become tighter post-pandemic as state revenues were unlikely to recover for some time, given sluggish commodity prices and reduced corporate income tax returns.“To increase revenue and efficiency, Indonesia now needs to implement tax measures so that post-COVID, it can offset those impacts and restore tax to pre-COVID levels,” he added.The measures should include efforts to widen the country’s tax base, introduce taxes to meet environmental and health objectives, as well as improving tax compliance to help restore tax revenues to pre-COVID-19 levels.Read also: Govt expects unemployment to worsen, continue into next yearNational Development Planning Agency (Bappenas) state finance and monetary analysis director Boediastoeti Ontowirjo said the measures that the World Bank suggested were included in the country’s “core tax administration system” program that would be implemented by 2024.The core tax administration system is one of the key pillars of Indonesia’s ongoing tax reform, kicked off by the Finance Ministry in 2016, aimed at overhauling operations at the tax office and improving services to taxpayers.The reform of the tax administration is expected to increase Indonesia’s tax-to-GDP ratio by 1 to 1.5 percentage points, according to an International Monetary Fund (IMF) study. In 2017, the ratio stood at 10.7 percent, one of the lowest in the Asia Pacific region.Finance Ministry special staff member Masyita Crystallin said the government was currently working on the World Bank’s suggested subsidy reforms, such as implementing cash-based transfers for several social assistance programs.Despite the moves toward reform, she acknowledged that the government still faced hurdles in disbursing the assistance programs.“We still have challenges in the data set and data connectivity with other ministries that are not yet synchronized with the [Social Affairs Ministry’s integrated data on social welfare] DTKS,” she said.She gave an assurance that the government was working to update the data regularly so that it could move toward targeted subsidies, especially at a time when many vulnerable people were in dire need of assistance to pull through the pandemic.Topics : “We found that Indonesia has a limited space for development spending due to low revenue, as well as systemic constraints across sectors such as coordination challenges and inadequate data and information systems,” said World Bank senior economist Ralph von Doorn.He said that despite Indonesia’s robust economic growth, subsidy reforms and increased spending on infrastructure, health and social assistance, public spending remained inadequate.The report also found that the spending was not always directed at the right interventions, while that which was directed at the right intervention was found to be inefficient and ineffective at achieving the desired pro-equity outcomes, added van Doorn.Given such a situation, the World Bank recommended that the country conduct reforms, especially in tax and subsidies, to increase state revenue. The recommendations were also aimed at ensuring spending would be more efficient and effective. The World Bank has called on Indonesia to carry out reforms, especially on tax and subsidies, to improve the quality of its public spending.In its “Indonesia Public Expenditure Review” report published on Monday, the global financial institution said the country currently faced several constraints that prevented it achieving quality spending to close the gap between human capital and infrastructure.Read also: Indonesia increases COVID-19 budget again amid soaring deficitlast_img read more

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first_imgPaul Dogboe, father of former WBO Super Bantamweight champion, Isaac Dogboe, says black magic is the reason why his son lost twice to Emmanuel Navarrette.Dogboe first lost the Mexican on points in New York in December 2018 as he sought to defend it for the second time. He had put up a successful defence against Hidenori Otake in August of that year.The second loss to Navarette came in May, 2019 in a rematch and Dogboe was handed a 12th round technical knockout defeat.The outcomes of the two bouts surprised many boxing fans and pundits as it was believed that Dogboe was in good shape heading into the two bouts.In an interview with Nathaniel Attoh on Joy FM on Saturday April 26, Paul Dogboe, revealed that certain rituals that were performed as he sought to repair certain family relics cost his son the world title and this was predicted by a Christian prophet.“We were bringing a stool that had not come back to his throne yet. When you are repairing all these things, certain rituals will have to be performed and we had done all that.But the prophet told me that things would not go well. I told my son that the juju people said we were going to knock Navarette out in round two but the prophet said that could not be.I was in doubt but I did not know what came over me and I continued. People urged me to continue to repair the family palace and all that.Even with the rematch, I did not learn my lessons. Some people in my family said I had done something wrong and so, we needed to perform more rituals to correct what I had done. At the same time, the building was not done yet and so, I continued with the construction.Those people in the family came back to tell me that Dogboe would win the rematch in the 4th round. “Dogboe has been working hard after those two losses to get back into the big time and Paul Dogboe has stated in several interviews that Isaac Dogboe will move up to the featherweight division.last_img read more

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